Why has Scotiabank's mobile banking app seen a 15% drop in daily active users over the past month?

Introduction

The recent 15% drop in daily active users for Scotiabank's mobile banking app over the past month is a significant concern that requires immediate attention and a thorough root cause analysis. As we delve into this issue, we'll follow a structured approach to identify, validate, and address the underlying factors contributing to this decline in user engagement.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a seasonal component. Has this drop coincided with any major holidays or financial events?

Why it matters: Seasonal patterns could explain temporary fluctuations. Expected answer: No significant seasonal events during this period. Impact on approach: If seasonal, we'd focus on cyclical patterns; if not, we'd investigate other factors.

• Considering user segments, I'm curious if this decline is uniform across all user groups. Have you noticed any particular demographic or user type more affected than others?

Why it matters: Identifying affected segments helps narrow down potential causes. Expected answer: The decline is more pronounced among younger users. Impact on approach: We'd focus on features and issues specific to younger demographics.

• Thinking about recent changes, has there been any significant app update or new feature release in the past 1-2 months?

Why it matters: Recent changes could directly impact user behavior. Expected answer: A major UI overhaul was implemented 6 weeks ago. Impact on approach: We'd investigate user feedback and usability issues related to the new UI.

• Regarding competitive landscape, have any major competitors launched new features or marketing campaigns recently?

Why it matters: External factors could be drawing users away. Expected answer: A competitor launched an attractive cashback program. Impact on approach: We'd analyze our value proposition and consider competitive responses.